# \$24,000 in 1980 → \$71,296.89 in 2017

## Inflation Calculator

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👉 You may be interested in \$24,000 in 1980 → 2018

### U.S. Inflation Rate, \$24,000 in 1980 to 2017

According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 2.99% per year. Prices in 2017 are 197.1% higher than prices in 1980.

In other words, \$24,000 in 1980 is equivalent in purchasing power to \$71,296.89 in 2017, a difference of \$47,296.89 over 37 years.

The inflation rate in 2017 was 1.99%.

 Cumulative price change 197.07% Average inflation rate 2.99% Converted amount (\$24,000 base) \$71,296.89 Price difference (\$24,000 base) \$47,296.89 CPI in 1980 82.4 CPI in 2017 244.786

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### How to calculate the inflation rate for \$24,000, 1980 to 2017

This inflation calculator uses the following inflation rate formula:

CPI in 2017 / CPI in 1980 * 1980 USD value = 2017 USD value

Then plug in historical CPI values. The U.S. CPI was 82.4 in the year 1980 and 244.786 in 2017:

244.786 / 82.4 * \$24,000 = \$71,296.89

\$24,000 in 1980 has the same "purchasing power" or "buying power" as \$71,296.89 in 2017.

Politics and news often influence economic performance. Here's what was happening at the time:

• Princess Victoria is crowned Princess of Sweden.
• Iranian protesters storm the Russian embassy in Iran.
• Abdou Diouf is elected president of Senegal after being Prime Minister for ten years.
• Cable News Network (CNN) is transmitted for the first time.
• Saddam Hussein, President of Iraq, declares a holy war on Iran.

### Inflation Data Source

Raw data for these calculations comes from the Bureau of Labor Statistics' (CPI), established in 1913. Inflation data from 1665 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University.

You may use the following MLA citation for this page: “\$24,000 in 1980 → 2017 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 20 Jun. 2018, https://www.officialdata.org/1980-dollars-in-2017?amount=24000.